The Community Lenders of America is calling for indemnification rather than forcing agency sellers to repurchase loans. Those mortgage bankers have had to sell these in the scratch-and-dent market at steep discounts at a time when the GSEs have increased the share of loans they review for manufacturing errors.
The Community Home Lenders of America (CHLA) said due to the rapid rise in interest rates over the past year, “our consensus member conclusion is that the average loss to the lender is now 30% on every loan repurchase.”
According to Scott Olson, executive director of the Community Home Lenders of America, it’s not always clear when, how or whether a property will be… Read More »inside mortgage finance – lenders call for updates to fha condo loan process
“CHLA commends FHFA Director [Sandra] Thompson for her action to scrap the use of DTI in the pricing grid for Fannie Mae and Freddie Mac,”… Read More »Scotsman Guide – FHFA rescinds controversial DTI-based upfront fees
“The GSE pricing grid is a complex balancing of the objectives of access to mortgage credit for underserved borrowers and safety and soundness, and [the… Read More »national mortgage news – FHFA drops debt-to-income based pricing adjustment
Scott Olson, executive director of the Community Home Lenders of America, said, “Obviously extending the debt limit is very important, but so far at least,… Read More »inside mortgage finance – Debt Ceiling Standoff Troubles Mortgage Industry